Breaking Govt may impose tax on cash withdrawl of 10 lakhs per year!

[Sumanth]

Just one question - Are all the peoples are educated in India to do digital transactions?

Its like asking, if all the people in India are educated to use mobile phones.

 

[Dhanasekar]

Its like asking, if all the people in India are educated to use mobile phones.

yes of course and i believe that you saw what happened to demonetization and how many people got suffered and still suffering without job/lost their job. Did the black money disappeared?

 

[Raja321]

That's why I haven't voted Modi.

Accha din start ho gaya.

About that step, my parents withdraw about 2 lakhs per month from a particular bank account which is their salary account. Then what should they do now? Only option left is kept that money idle in that account or increase their gpf per month premium massively.

Worst worst step if that happens. First tax in income then tax of taxed money for withdrawal!

They can give cheque transfer or NEFT/RTGS or UPI

 

[Raja321]

Its like asking, if all the people in India are educated to use mobile phones.

Yes our mobile penetration is just below 100% so don't worry about that

 

[Raja321]

Is tax only on amount after 10L or for all transactions

It is just an assumption, Not yet implemented

 

[Ashok Varma]

Tax on Cash withdrawls of Business Accounts only! Not on Personal Accounts!!
That is also above 1 crore.
Budget 2019 proposes to levy 2% TDS on cash withdrawal of over Rs 1 crore
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